205 CMR 138.41 - Replacement Checks and the Redemption of Counter Checks

A system of internal controls submitted by a gaming licensee in accordance with 205 CMR 138.02 shall include policies and procedures relative to replacement checks and the redemption of counter checks that contain, at a minimum, provisions for the following:

(1) A listing of the locations where redemptions may occur, and a listing of the types of cash and cash equivalents and third party instruments (subject to the restrictions set forth in 205 CMR 138.40(2)) that maybe accepted in redemption of a counter check;

(2) A distinction between full redemptions and partial redemptions;

(3) Detailed procedures to:

(a) Process and complete redemptions, and issue replacement checks;

(b) Verify the patron's or agent's identification at the time of completing a redemption;

(c) Maintain a written record and complete the appropriate forms used to record the redemption, including the specific information contained on said form(s) and the form(s) signature requirements so as to assign responsibility and accountability over the redemption transaction;

(d) Transfer the appropriate documents to the accounting department (or such other department) for accounting purposes; and

(e) Process payments received through the mail, wire transfer, or electronic fund transfer.

(4) A description of permitted redemptions, in full or in part, when made by a third-party other than the gaming patron; and

(5) A description of the type of checks that may be accepted in substitution of a counter check.

Notes

205 CMR 138.41

Adopted by Mass Register Issue 1288, eff. 6/5/2015. Amended by Mass Register Issue 1324, eff. 6/24/2016. Amended by Mass Register Issue 1367, eff. 6/15/2018. Amended by Mass Register Issue 1369, eff. 7/13/2018. Amended by Mass Register Issue 1486, eff. 12/21/2022 (EMERGENCY). Amended by Mass Register Issue 1492, eff. 3/9/2023 (EMERGENCY). Amended by Mass Register Issue 1494, eff. 3/9/2023 (COMPLIANCE).